OCBC Frank Education Loan Review 2022: Best for Consistent Rates and Fees

OCBC Frank Education loan is one of the most competitive education loans in the market. With its 4.5% interest rate, working students can have lighter study loans to aid in their educational goals. It’s also the bank to consider if you’re studying overseas and want to avail a cheap loan.


Pros and Cons


  • Local cheap studies
    OCBC only charges a 4.5% interest rate on your approved loan which is relatively lower compared to other banks. Other financial institutions would require you to attend their preferred institutions to get lower rates for your education loan.
  • International cheap studies
    OCBC has been consistent in their rates for your approved loan even if you plan to study overseas. They kept the low-interest rate for your locally applied education loan and brought it to the international stage. Its interest rate of 4.5% is undoubtedly the cheapest when it comes to international studies.
  • Low processing fee all throughout
    No matter if you are planning to study locally or overseas, you are ensured of a 2.5% processing fee across the board.


  • Maximum amount availability
    The only downside when you consider OCBC for your education loan is that there are other banks that could offer higher maximum amounts. But hey, if $150,000 is all you really need, why bother going to other financial institutions?


OCBC Frank Education Loan as Compared to other Bank Offers

Interest Rates Processing Fee Maximum Loan Amount Loan Terms
OCBC Frank Education Loan 4.5% 2.5% $150,000 Up to 8 years
DBS Study Loan 4.38% 2.5% $160,000 Up to 10 years
POSB Study Loan 4.38% 2.5% $160,000 Up to 10 years
Maybank Monthly Rest Education Loan 4.45% 2% (1.5% Overseas) $150,000 Up to 8 years
CIMB Monthly Rest Education Loan 5.39% 2% $200,000 Up to 10 years


Looking at the table, you might doubt if OCBC really is the bank to handle your education loan. But barer in mind that the specified interest rate from DBS, POSB, and Maybank could only be attained if you attend their preferred institutions. OCBC Frank Education loan, with its 2.5% processing fee and a maximum loan amount of $150,000 is the best deal you can ever get.

Its rates are constant no matter where you study, locally or overseas, and no matter what educational institution you attend. The loan interest you will pay will still be the same. 


Why does OCBC take the best out of your monthly income?

Working students in general tend to maximize their monthly income and would like to spend less on their approved loan interest. Living paycheck to paycheck, interest rates, loan maturity, and the processing fee would all be taken into consideration.

OCBC guarantees a consistent processing fee of 2.5% and 4.5% interest rate no matter where you decided to study, geographically and academically. To give you an overview, an approved loan of $25,000, will cost you $466, $397, $348, and $311 monthly for 5, 6,7, and 8 years respectively.

Tenure Processing Fee Interest Rate Monthly Payment Total Cost
5 Years 2.5% 4.5% $466 $3,590
6 Years 2.5% 4.5% $397 $4,198
7 Years 2.5% 4.5% $348 $4,815
8 Years 2.5% 4.5% $311 $5,441


With the given figures, please be reminded that the total cost of the approved loan includes the impact of fees. At this point, it has been established that OCBC has been consistent in their interest rates and processing fee.

If you are planning to study overseas, you would only have to pay their interest rates while you are studying. Once you finish your studies, that is the only time you will start to pay the principal. Know more about the best overseas education loans in Singapore here. 


Loan Tenure Loan Amount Total Cost
OCBC 6 years $25,000 $4,198
Maybank 6 years $25,000 $4,389
RHB 6 years $25,000 $4,389
CIMB 6 years $25,000 $4,816
POSB 6 years $25,000 $5,479


Compared to other banks, given a 6-year loan tenure with a $25,000 loan, it will only cut you back $4,198.


Fees and other charges

Cancellation Fee 1$ of the undisbursed loan amount
Processing Fee 2.5%
Early Prepayment Fee 1% of loan prepaid
Late Payment Fee $50
Cashier Order $20


What are the eligibility criteria?


  • Singapore citizen or Singapore permanent resident
  • Must be 17 years old and above (applicants below 21 must have a guarantor aged 21 to 65)
  • Must be a salaried employee, commission-based earner, or self-employed
  • Must have an annual income of $24,000 and above


  • Must be 21 to 65 years old
  • Must have an annual income of $24,000 and above

Required Documents

  • National Registration Identity Card (NRIC)
  • Your recent telephone bill or your original bank statement in the event that your mailing address differs
  • Acceptance letter from the institution stating the type and course duration

Borrowers can apply for a loan amounting between $1,000 to $150,000 or 10x their monthly income, whichever is lower. 


How can you apply?

1. Submit an application form with OCBC together with your,  NRIC photocopy, proof of income, and offer letter.

2. Salaried individuals must provide the following

  • latest computerized payslip 
  • latest income tax notice of assessment
  • last 6 months’ CPF contribution history

3. Other employees should submit either of the following:

  • latest income tax notice of assessment
  • last 12 months’ CPF contribution history statement


Final Thoughts

OCBC may not offer the highest maximum loan amount but rest assured that processing fee and other rates would be the same no matter where you decide to have your educational advancements. With low rates and a reasonable borrowable amount, OCBC frank education loan is surely your professional partner for your goals and aspirations moving forward.

  • Consistent rates for local and international studies
  • Lowest educational loan for international studies
  • Borrow up to 10x your monthly income

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